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Third Quarter Report 2006
Oct. 31, 2006
| At a glance |
UBS reported net profit attributable to UBS shareholders (“attributable profit”) of CHF 2,199 million in third quarter 2006, down from CHF 2,770 million in the same period a year earlier. Attributable profit from continuing operations was CHF 2,195 million. Financial businesses contributed CHF 2,114 million to third quarter attributable profit. Industrial holdings, now comprising only the private equity portfolio of UBS, contributed CHF 81 million to attributable profit, all from continuing operations. |
Financial Businesses & Industrial Holdings
Global Wealth Management & Business Banking
Global Wealth Management & Business Banking pre-tax profit fell 12% to CHF 1,837 million in third quarter 2006 from CHF 2,094 million in second quarter 2006. Pre-tax profit for the international and Swiss wealth management businesses was CHF 1,226 million, down 4% from the record CHF 1,283 million in second quarter 2006. Due to the provision on a long-term lease on a New Jersey office building, Wealth Management US’s pre-tax profit was CHF 43 million this quarter, down from CHF 179 million in second quarter. Net new money inflows from the wealth management businesses were a strong CHF 26.8 billion in third quarter. Business Banking Switzerland’s pre-tax profit was CHF 568 million, down 10% from the record level set in second quarter.
Global Asset Management
Global Asset Management’s pre-tax profit was CHF 284 million in third quarter 2006, down 15% from CHF 334 million in second quarter 2006. The decrease was related mainly to Dillon Read Capital Management (DRCM), which was included in the business group’s results for the full quarter for the first time. It also reflected lower wholesale intermediary fees, a result of the decline in the average asset base during the quarter. This development was partly offset by higher management and performance fees from alternative and quantitative investments.
Investment Bank
In third quarter 2006, the Investment Bank’s pre-tax profit was CHF 1,083 million, down 22% from the same period a year earlier. Lower revenues in equities and fixed income, rates and currencies were partly offset by a significant increase in investment banking revenues. Expenses primarily rose on investments in IT infrastructure and business expansion efforts.
Corporate Center
Corporate Center recorded a pre-tax loss from continuing operations of CHF 457 million in third quarter 2006, compared with a loss of CHF 142 million in second quarter 2006 and CHF 151 million in third quarter 2005. This was mainly driven by the cumulative impact of timing effects on income from treasury activities and higher credit loss expense.
Industrial Holdings
In third quarter 2006, industrial holdings reported a net profit of CHF 82 million, of which CHF 81 million was attributable to UBS shareholders.
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